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Hanoi’s goals reflect its role as ‘economic locomotive’ of country

Hanoi defined its development goals by 2030 with a vision towards 2045 after the Politburo released Resolution 15 recently.
Hoan Kiem Lake in Hanoi

Ten years ago, the Politburo assigned a task to Hanoi – acting as the ‘locomotive’ that pulls the ‘economic train’ of the whole country. Hanoi aimed to become a leading locality and fulfill the task of industrialization and modernization 1-2 years earlier than planned, contributing to the country's successful implementation of becoming an industrial country towards modernity by 2020.

The task was set forth in Resolution 11-NQ/TW of the Politburo on the directions and tasks of developing Hanoi in 2011-2020, which was signed into enactment by Party Chief Nguyen Phu Trong, who has been attached to the capital city for many years.

With a low development background, the country's economy needs to move quickly and avoid lagging behind other economies in the region.

However, for many reasons, Hanoi has failed to reach that goal.

The task of being industrialized and modernized has not been successfully implemented. The 13th Party Congress’ Resolution admitted that the creation of a foundation to turn the country into an industrialized one in the direction of modernity has not been achieved yet.

Hanoi Party Committee Secretary Dinh Tien Dung said in the report reviewing the 10-year implementation of Resolution 11, that some important goals and norms have not been achieved, especially on achieving  industrialization and modernization.

In order to reach these goals, Hanoi needed to reach many indicators in the economic, social and cultural fields. But this was a difficult task.

The development of key industrial products is an example. Four years ago, the Hanoi People’s Committee released a plan on developing key industrial products of the city by 2020, with a vision towards 2021, hoping that these products would help develop industry in the city.

In 2021, Hanoi reviewed the plan’s implementation. Each year, enterprises making key industrial products obtained revenue of VND200 trillion, which accounted for 35 percent of total industrial production value of Hanoi. The export turnover was $2 billion, with 80,000 workers. In 2021, 77 enterprises making key industrial products paid tax of VND8 trillion.

These figures show modest achievements in industrial development. For example, total export turnover of enterprises making key industrial products was only $2 billion in 2021, just equal to 0.6 percent of total export turnover of the whole country ($336 billion). And only 77 enterprises have products recognized as key industrial products, or just 0.024 percent of total 324,000 enterprises in Hanoi.

Hanoi’s report says the city still could not take full advantage of the mechanisms and policies specifically designed for it. The city still cannot implement the leading role and act as the motivating force for regional and national development. Its competitiveness and position in the region and the world remain modest.

Tran Dinh Thien, a respected economist, said: “Hanoi needs to look at the situation realistically and not lay blame on someone, but find solutions to fix existing problems.”

Achievements

It would be unfair to see only problems and shortcomings I  Hanoi’s industry. In fact, the capital city has gained great economic achievements over the last 10 years implementing Resolution 11.

The city’s economy maintained a relatively high growth rate. In 2011-2020, the average growth rate was 6.83 percent per annum, which was 1.15 times higher than the entire country. Its gross regional domestic product (GRDP) was $5,325, or 2.3 times higher than in 2010.

The investment and business environment has improved. Its provincial competitiveness index (PCI) jumped by 27 grades, from 36th to 9th in 2020.

The private sector has been developing well. In 2011-2020, as many as 206,000 businesses were established, which accounted for 65 percent of total enterprises established since 1992.

In 2011-2020, the total investment capital for development was VND2.77 quadrillion, which accounted for 38.34 percent of GRDP. The annual state budget collections increased year after year and were higher than estimates (VND108.301 trillion in 2010, VND265.77 trillion in i2021 and VND2 quadrillion in 2011-2020).

These economic achievements, according to the Secretary of the City Party Committee, show the great efforts of many generations of leaders in developing solutions to promote the socialist-oriented market economy in the capital that the Resolution 11 requires.

Tu Giang - Lan Anh

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